IBM (US), FICO (US), SAS Institute (US), BAE Systems (UK), DXC Technology (US), SAP (Germany), ACI Worldwide (US), Fiserv (US), NICE Systems (Israel), Experian (US), LexisNexis Risk Solutions (US), FRISS (Netherlands), Dell Technologies (US), Wirecard (Germany), Software AG (Germany), Easy Solutions (US)...COVID-19 Impact on Fraud Detection and Prevention (FDP) Market by Fraud Type, Verticals and Region - Global Forecast to 2021
As per MarketsandMarkets, the COVID-19 Impact on the Global Fraud Detection and Prevention (FDP) Market size is projected to grow from USD 23.4 billion in 2019 to USD 38.6 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 28.4% during the forecast period, considering the optimistic scenario. Organizations are facing fraud-related risks, both internally and externally. Moreover, the risks have become multi-faceted and can be monetary, regulatory, or reputational caused by fraud types.
The availability of immense new opportunities for FDP solutions and service vendors is further expected to shape the future of this market. These opportunities include a rise in the use of digital technologies and digital banking for payment, and leveraging Artificial Intelligence (AI) and Machine Learning (ML) capabilities to prevent potential frauds.
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Internet sales frauds segment projected to record the largest market size during the forecast period
Under the fraud type segment, the internet sales frauds segment is projected to record the largest market size during the forecast period. During the unprecedented and uncertain times due to COVID-19, millions of individuals are working from home and opting for online purchases of products and services. Quarantine has changed lives across the world, with consumers buying electronics and furniture to support work, communication, school, and entertainment, as well as items such as home goods and DIY products. However, several frauds have bourgeoned since the beginning of 2020. Therefore, the demand for FDP solutions and services is expected to accredit the largest market size for internet sales frauds, owing to a growing number of unlawful sales of products on the internet, especially amidst the COVID-19 pandemic crisis.
Travel and Transportation vertical to see less growth during the forecast period in the FDP market
The world is facing an unprecedented global health, social, and economic emergency. As the number of cases of COVID-19 increases, travel and transportation are among the most affected sectors. Due to the COVID-19 pandemic, the international tourist arrivals have been cut in the first quarter of 2020, and as a result, a huge loss is expected. Depending on the speed of the containment and the duration of travel restrictions and shutdown of borders, the current scenarios show that there would be declination in international tourist arrivals for this year. These scenarios would put millions of tourism jobs at risk, and this would be the worst result in the history of international tourism since 1950. It would put to an abrupt end to a 10-year-period of sustained growth since the 2009 financial crisis.
Major technology vendors in the global FDP market include IBM (US), FICO (US), SAS Institute (US), BAE Systems (UK), DXC Technology (US), SAP (Germany), ACI Worldwide (US), Fiserv (US), NICE Systems (Israel), Experian (US), LexisNexis Risk Solutions (US), FRISS (Netherlands), Dell Technologies (US), Wirecard (Germany), Software AG (Germany), Easy Solutions (US), TransUnion (US), Kount (US), Hitachi Vantara (US), and Simility (US). These vendors have adopted various organic and inorganic growth strategies, such as new product launches, partnerships & collaborations, and mergers and acquisitions, to strengthen their presence in the FDP market.
IBM caters to a wide customer base in the regions of the Americas, EMEA, and Asia Pacific. IBM sustains the digital and IT operations of the world’s most critical organizations. The company in this situation is focusing on multiple stages of business continuity readiness for clients and is ensuring the key essential services of clients are up and running. IBM is offering free tools to track reported COVID-19 cases. Hence, citizens, researchers, and even government officials can use the data-rich tools to get currently available information from various official sources. Using IBM Cognos Analytics, IBM has developed a new, interactive global dashboard to show the spread of COVID-19 across the globe. The COVID-19 data reflected in this dashboard is pulled from state and local governments and the World Health Organization.
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SAS Institute is one of the major players focusing on the emerging concept of fraud detection and prevention. SAS Institute is helping customers to access, deploy, and implement SAS Institute’s cloud analytics across the hybrid environment. In response to the COVID-19 pandemic, SAS Institute has developed a Business Continuity Management (BCM) plan for crisis management as well as for the resumption of key customer-facing services, such as technical support. SAS has also incorporated a communicable disease plan in its BCM policies to prepare SAS for timely and efficient response in the event of an infectious disease. SAS launched a COVID-19 Data Analytics Resource Hub to help organizations, businesses, and individuals across industries with the challenges due to the pandemic situation.
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